TRANSACTION PROCEDURES: FOR QINGDAO OFFSHORE TANK FARM
1. Buyer send LOI Seller sends SPA
2. Buyer signs and return spa.
2b. Buyer send RWA/MT199 by SWIFT or BY EMAIL
3. Seller/NNPC PREPARES and send ppop and Athority Letter for verifications in buyer's name to enable buyer go to Tank Farm and present the documents to the Tank Farm manager in China, for confirmation and verification of the product. tank farm manager provide following China documents to buyer
c.the simple commodity inspection form for storage.Tank Farm manager provide following docs
4. after successful verification and confirmation of the NNPC Terminal documents and availability of product in the Storage Tank Farm, Buyer place MT799- MT760- SBLC to go for Q&Q
5.Upon Confirmation of the Buyer’s MT799 MT760 SBLC, Dip Test Authorization is issued to Buyer.
6.Dip Test is carried out by Buyers nominated inspection team.
7.Buyer’s Bank shall swift –MT103 covering the entire cargo immediately upon receipt of Q&Q Report from the Inspection Agency.
8.Buyer’s Bank shall effect payment immediately via Swift transfer for total cargo to seller bank and simultaneously pays commissions to all agents/facilitators as stipulated in the SPA.
9.Seller bank and all agents / facilitators bank confirm payments.